After $271,000 Reduction, Will This West Lakeview 2-Bedroom Finally Sell? 1348 W. Wellington
This top floor 2-bedroom in a vintage greystone at 1348 W. Wellington in Lakeview originally came on the market in August 2016.
It may look familiar to some of you because we chattered about it when it was first listed. You can see our chatter here.
If you remember, the greystone was built in 1878. The original listing said it was originally a mansion for a local physician.
The house now has 4 condo units.
It’s also next door to the funeral home which is being turned into retail/restaurant space and apartments at the corner of the Southport/Lincoln/Wellington intersection.
Unfortunately, none of the vintage features of the building survived in this unit.
It does have high ceilings and hardwood floors.
The master bedroom has an ensuite bathroom.
The kitchen has light wood cabinets, granite counter tops and stainless steel appliances.
You may also recall that there’s a new private roof deck with city views with an entry where you open the hatch on the roof to access it. We had a lot of discussion of what it meant to have that hatch in the prior chatter.
Interestingly, in this new listing, there are no pictures of the hatch entry.
This unit has the other features buyers are looking for including central air, garage parking and washer/dryer in the unit in its very own separate laundry room.
The unit came on the market at $785,000 in August 2016 and has been reduced several times.
The price has now been cut $271,000 to $514,000.
After spending nearly a year sitting on the market, is this finally priced right to sell?
Daniel Sullivan at Coldwell Banker now has the listing. See the pictures here.
Unit #3: 2 bedrooms, 2 baths, no square footage listed
- Sold in April 1999 for $284,000
- Was listed in August 2016 for $785,000 (included garage parking)
- Reduced
- Was listed in March 2017 at $624,900
- Reduced
- Currently listed at $514,000 (includes the parking)
- Assessments are still $239 a month (includes exterior maintenance)
- Taxes are still $6315
- Central Air
- Washer/Dryer in the unit
- Private rooftop deck
- Bedroom #1: 13×13
- Bedroom #2: 10×10
- Living room/dining room: 24×27
- Kitchen: 13×11
- Laundry room: 9×7
It’s not that bad of a unit (although at that price point it could use some staging); however, I personally find it hard to believe that it would sell for over 450-460K. (and that is being generous)
Why do sellers pose such ridiculous starting prices so often, 20-30% above actual tradeable levels?
Same deal especially with luxury 1m+ houses and then they sit cutting 50-100k at a time for a year+. Why bother? It’s not like 1m+ buyers are stupid, most anyways, and everyone knows what’s up with the game.
What the heck were they thinking asking 785 for this freaking place.
In current market they may get 499. 450 for sure.
I can’t get over the 15-20 year old appliances. That fridge has to be on its last legs. We had a version of that model and are considering replacing the fridge that we replaced it with.
might have been a make me move listing price, but yeah this place is so dated and bland, no way its going to get a premium
those old ass wood floors look kinda nasty in the laundry room I’m sure they aren’t that great in the rest of the house
Mike – I hate that tactic too – purposely overpricing and when some fool doesn’t bite (big surprise) they drop the price. I’m wondering if the fault lies in the unrealistic expectations of the sellers or stupid realtor tactics: so it has a “price drop” notification, or notifies people interested in the property that the price has dropped. Those $1k price drops really piss me off and shouldn’t even be allowed for properties over $40k.
Price it right the first time and you’ll get offers quicker. Not doing that costs the sellers’ time and buyers’ interest. From a buyer’s perspective it makes placing a realistic offer difficult because when it’s 30% over-priced your offer is seen as low-ball; so it’s just better to wait until seller’s delusion subsides a bit and lowers the price. I’m so tired of that game.
“so it has a “price drop” notification, or notifies people interested in the property that the price has dropped. ”
Pardon the redundancy. I meant to say *emails* people interested in the property (like redfin does)
These listing photos down-play the fact that roof deck access is via a “hatch” type door.
This place still sucks. My old $200K condo in Albany Park had better appliances and better bathrooms. And don’t get me started on the layout of that kitchen. I originally said they need to take at least $200K off the ask, which they’ve done, but now I think they need to take another $30-$50K off. I still think it would be over priced at that level but at that level some sucker will bite.
Also the rise / run on those stairs up to the roof deck look treacherous to me. I guess that will keep you from drinking too much while you are up there!
This should never have been converted into a two-flat!
“This should never have been converted into a two-flat!”
It wasn’t! It was converted to a 3 flat! And whoever buys this, is buying the attic!
Whoever buys this over $400 is getting ripped.
Attic – Fail
Finishes – Fail (can you really find anything cheaper)
Looks like it’s a 4 flat. The listing says 4 units so some lucky fella gets to buy a crappy basement unit.
LISTE NO ME NOW, BELIEVE ME LATER. JAN TERRI WILL PUMP THIS UP!!!!!!
LOLZ!!! PORCH HATCH HAS PARAMEDIC/LAWSUIT WRITTEN ALL OVER.
ALTHOUGH THAT IS A REALLY AWESOME BAND PRACTICE SPACE!
WHO WANTS AN OLD STYLE? IM THIRSTY!!
GO CUBBIES!!!!!!!!!!!!!!!!!!!!
Do sellers just insist on this price and realtors just go along with it? If they don’t go along, they won’t get the listing. And the realtor knows they aren’t going to get any traction, so they just do their other showings, wait a month, convince the sellers they need a price reduction and then when they get to a realistic price, they start focusing on that property again.
That assumes realtors know what they are doing though…
Remember this one?
It never sold last year.
Just came back on the market at $500,000.
Is under contract.
We’ll see if this finally sells in this low inventory market.